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Pitney Bowes at ACAMS: Combat Money Laundering with Data

by Richard Stocks | April 4, 2016 | No Comments

Pitney Bowes is delighted to be considered a preeminent thought leader in financial crime prevention by the team at the Association of Certified Anti-Money Laundering Specialists (ACAMS). We are even more delighted that we get to share that thought leadership with you, the banks and the anti-money laundering (AML) professionals that fight the good fight, diligently, against money laundering each day. sun tzu

In our ACAMS session, “Leveraging Transactional Data to Dynamically Enhance KYC & KYCC Profiles,” Tuesday, April 12 from 2:55 p.m. to 3:25 p.m., we will be joined by our friends at Ernst and Young to shed light on new ways to tackle old challenges.

During the session my colleagues and I will speak about how we support AML and combat the financing of terrorism (CFT). But, as a preview I will tell you that it is based on some pretty extensive conversations with a lot of your peers – and data is at the heart of it.

Now, you would likely agree that data is important. You might even agree that data is critical, but if you looked at all the money you spend on vendors and partners to obtain data, you would not agree that data is free.

But it is. It is free to you and it is free to every bank you send payments to and receive payments from. I’m talking about data you already have in your systems.  The data from transactions that flow into, out of and through your bank. From retail to wealth and correspondent to institutional.

Buried in those transactions is name, address, account, party, entity, contact and relationship data. Hidden within that same data are the clues to the identities of the ultimate beneficial owners who have tried so hard to obfuscate their participation. Bad actors rely on you not knowing your customer, sanctioned countries are convinced they can create an untraceable path and shell company after shell company seeks to distance you from them.

So hopeful is the bad guy that you are buried in data and blinded by information that he continues to leverage your institution to his nefarious end with impunity. You know what you have to do to stop him but you don’t know him. To borrow from Sun Tzu in The Art of War, “If you know the enemy and know yourself, you need not fear the result of a hundred battles.”

The data in transactions provides historical behavior patterns too, giving you rare insight into the activities of the people, their companies, their network of cronies, smurfs and associates. This data allows you to truly know your customer, your customer’s customer even your customer’s supplier, their merchants and others they interact with.

We will share the details behind this process and why we believe that it will make such a huge difference to you when we meet in sunny Florida. And I do hope that I meet so many of you, because as you might have guessed, I’m incredibly keen to tell this story.

You can find me at the Pitney Bowes booth 102A or at the NominoData booth 314. If you’re unable to attend the event, please check out our Anti-Money Laundering solution page and/or schedule time to meet with an expert at your convenience.

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